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Discover how cosnova uses Horizon to rapidly test physical and digital product ideas
Cosnova is a pioneer in the European beauty industry, with successful beauty brands within their portfolio, such as Essence and CATRICE. The cosmetics company pushes for setting the newest trends within the industry by creating new brands and new businesses and therefore has a dedicated Innovation Lab to seek out new opportunities.
The high volume of opportunities identified by the Innovation Lab has led cosnova to use Horizon to rapidly test several physical (FMCG) and digital products, as well as services ideas for market demand, and identify key metrics such as their Customer Acquisition Costs.
Because of the several new product & business ideas curated by cosnova’s Innovation Lab, cosnova is frequently faced with the challenge of needing to identify what products will have market demand, and how significant that demand will be. Quickly eliminating ideas with the lowest market demand enables cosnova to strategically put highly demanded ideas into development, without spending a copious amount of time and valuable resources on several prototypes.
A couple of things were in mind during cosnova’s search for a new method of idea validation. The first was to be able to quickly test multiple aspects of their new product ideas pre-prototype/MVP, such as branding and user acceptance, whilst also testing different variants. This was to be done before building a prototype to minimize wasted resources and maximize profitability. The second was to test many hypotheses of new ideas, to validate or falsify them.
Horizon has become the standard tool for validating new strategic product/service ideas in cosnova, enabling them to maximize their return on investment by filtering out ideas with insufficient customer demand. “Thanks to the use of Horizon, we can test the efficiency of products and services very early in the development phase,” says Maximilian Seidel, Senior Innovation Expert at cosnova. Horizon’s demand test setup is quick, hassle-free, and easy to navigate through. Cosnova’s method is as follows:
Horizon’s performance dashboard enables cosnova to take a deep dive into key market demand data that allows several hypotheses to be measured. Hypothesis validation with Horizon is limitless and provides a solid base for product related decision-making.
Use one of Horizon’s best-practice landing page templates to communicate their idea, imitating a finished product, and set up variants to test different components of the product idea. Include compelling Call-To-Actions such as “buy now” to measure purchase intent.
Set up an ad campaign via Facebook to advertise their landing pages to acquire unique visitors and measure key metrics such as Cost Per Click (CPC).
Connect their landing page and ad campaign to Horizon, and allow Horizon’s powerful performance dashboard to aggregate and interpret all KPI’s (e.g. user acceptance and interest in the target group), simplified by one single metric: the Customer Demand Score.
Thanks to the simplicity of Horizon, any employee, with a background in product innovation or not, can validate a new product idea with ease. Sunk costs are a thing of the past because of accelerated validation pre-prototype, and the cost of failure of new products has taken a plunge since the adoption of Horizon.
Cosnova’s Innovation Lab uses Horizon at the very early stages of product development to ensure that no resources go into developing a product that ultimately, nobody is going to purchase. In time, this guarantees a better return on investment (ROI), by eliminating the chance of product failure. Ideas and concepts identified by cosnova’s Innovation Lab are tested for market demand within days instead of months with Horizon’s automated software, meaning time and energy can be expended to the fullest extent on developing ideas that customers will love, which is the essence of being at the forefront of beauty trendsetters. “We were looking for a way to test our ideas pre-prototype based on data, and we have now found it. Horizon ultimately ensures that we increase our profitability”, confirms Maximillian Seidel.
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